Non- cash payment Assignment Example | Topics and Well Written Essays - 500 words

Non- cash payment - Assignment ExampleNonetheless, the counteraction measures acquire become better too to smother the risk of fraud when using non-cash payment methods.I have learnt that according to a notify compiled by Australian Payments Clearing Association, instrument panel fraud cases have increased from 43.6 cents to 48.7 cents for every $1000 fatigued by consumers and businesses. People have abandoned use of cheques and instead prefer to use cards to make payments. The report also revealed that 4% of the total amount of money transferred by use of cards in Australia has landed in the hands of fraudsters. The situation was worse in UK. In 2013, there was a 3% increase in non-card fraud for 43.4 million euros spent. Counterfeiting and skimming increased at an alarming rate (Australian Payments Clearing Association, 2014).victimization cards has proved riskier than using cheques when making payments given the statistics from the Australia and UK of 2013. It could be becaus e of the simplicity and wide acceptance of using cards to make payments that have made it scant(p) for fraudsters to improve on their game. They are by financial institutions and mobile payments outlets too.The APCA report also indicated that the fraud cases have increased following a massive parapraxis from physical shopping to online shopping for most of the Australian consumers. The last four years have seen 35% expansion in online shops in Australia (Apca.com.au, 2014). The trend is staining up in other parts of the world. Since card is the preferred mode of payment, domestic and cross-border frauds have increased.I would prefer to use cheques other than a card to make payments putting into consideration that the rate has decreased in the last two years. APCA reported indicates that cheque fraud fell from 0.8 cents to 0.6 cents for every $1000 spent by Australian users (Australian Payments Clearing Association, 2014). The trend is attributed to the fact that it is hard to cou nterfeit, dishonour and to breach its mandate in financial institutionsAll